📌 Kenya's Ministry of Home Affairs recently suspended Worldcoin, the project of #OpenAI CEO #SamAltman .

➡️ “The organization calling itself 'WORLD COIN' is registering citizens through the collection of eye/lens data,” Minister Kithure Kindiki told #Worldcoin , adding that this practice is not allowed. #Kenya n authorities have begun further investigation to determine the legality and data security of Worldcoin.

➡️ Worldcoin  is the project of OpenAI CEO Sam Altman, where users provide their eye data in exchange for a free crypto and digital proof.

➡️ Notably, the platform has attracted the attention of the community since the launch of the $WLD governance token on July 24. Immediately after its launch, WLD was listed on many major exchanges such as #Binance , OKX, Huobi, Bybit, etc. Currently, this token is trading for 2.18 USD with a market capitalization of about 235 million USD.

➡️ Besides, after its launch, the project received mixed reviews. Prominent among them was being  criticized by the CEO of CryptoQuant as a "scam conspiracy" . In addition, the project is also  being investigated by the UK Information Commission and the French Privacy Watch

$ETH $BTC

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Kenyan authorities are cautious about allowing the Worldcoin project to gather iris data to ensure the security of citizens is not compromised.

The new cryptocurrency and digital identity project, Worldcoin, encountered a difficult start in Kenya, as the government suspended all local activities associated with it.

Minister’s Announcement: Kenya’s Minister of Internal Security, Kithure Kindiki, used Facebook on August 2 to announce the suspension of Worldcoin’s activities. The decision was taken until relevant public agencies could certify the absence of risks to Kenyan citizens.

The authorities have initiated inquiries and investigations involving relevant security, financial services, and data protection agencies. These efforts aim to establish the authenticity and legality of the activities linked to Worldcoin.

The Minister of Internal Security emphasized that the Kenyan government’s primary concern lies in Worldcoin’s collection of vital identification information, such as iris scans, in exchange for a digital ID.

Warning to Parties Involved: The statement issued on Facebook warned that “appropriate action” will be taken against any individual or entity involved in furthering, aiding, abetting, or being connected with the activities described above. This suggests that the government is prepared to take decisive measures to address the situation.

The Worldcoin project, co-founded by Sam Altman, CEO of OpenAI, officially launched on July 24, 2023, following three years of development.

Worldcoin aims to address the challenge of distinguishing humans from online bots as AI technology advances. To achieve this, the startup introduced a digital ID system based on “proof-of-personhood.” This system involves scanning an individual’s iris to create a unique digital ID called the World ID.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Web3 #Blockchain #Kenya #WORLDCOIN $WLD

Kenya's President calls for African nations to ditch the US dollar for trade settlements.

Kenyan President William Ruto recently urged his counterparts on the African continent to kickstart the process of ditching the U.S. dollar and replacing it with a pan-African settlement system. Ruto said the Pan-African Payments and Settlement System (PAPSS) allows business people to focus on moving goods and services.

Do questions remain are the ways for all African to start using Cryptos as a global payment rather than depending on the US dollar?

Below are some comments from different people concerned with Kenya's decision

A global CBDC is the only solution

All these 3rd world countries... Honestly I feel sorry for them... they have a bad surprise coming.

I don't think that is entirely true, although there's some truth to it, and I do feel that is horrible and regrettable even though I had nothing to do with it and don't condone it. I wish only the best for them and hope they are prosperous, which is why I feel sad that they're currently making decisions that may continue to perpetuate that pattern, in the hands of China this time.

What do you think about Kenya's President's calls for African nations to ditch the US dollar for trade settlements?

#CBDCs #Kenya #dyor

The cryptocurrency landscape is evolving at a rapid pace, with governments and regulatory bodies worldwide striving to strike a balance between innovation and safeguarding their citizens' interests. In a recent turn of events, Worldcoin, an online digital identity platform, has found itself at the center of controversy in Kenya. The Kenyan government has raised significant concerns regarding data protection and decentralized identity amid its investigation into Worldcoin's operations.

Kenya's Concerns and Attempted Detainment

The Kenyan government's scrutiny of Worldcoin began when the company initiated an iris-biometric project that attracted over 300,000 Kenyan participants. However, this project operated as an unregistered entity in the country, raising red flags about unauthorized data collection. The government accused Worldcoin and its CEO, Alex Blania, of violating several laws and expressed concerns that the biometric data collected could facilitate financial crimes. Learn more about Kenya's concerns and the attempted detainment of Worldcoin executives.

U.S. Intervention and Ongoing Investigation

The situation escalated when Kenyan authorities attempted to detain Worldcoin's CEO and legal spokesperson at the Jomo Kenyatta International Airport. However, the United States government swiftly intervened, securing their release. As investigations continue, the recovered biometric data and evidence from witnesses are expected to shed light on the extent of data retrieval from Kenyan citizens. Discover the details of the U.S. intervention and the ongoing investigation into Worldcoin's activities.

Kenya's Recognition of Crypto Risks and Potential

While Kenya recognizes the potential benefits of cryptocurrencies, it also acknowledges the associated risks, particularly in terms of data privacy and security. The absence of a legal framework for cryptocurrencies in Kenya has raised concerns about economic and security risks for the country. Explore how Kenya is navigating the complex landscape of cryptocurrency regulation and its implications.

Worldcoin's International Regulatory Scrutiny

Kenya is not the only country scrutinizing Worldcoin's operations. Germany and Argentina have also raised regulatory concerns, highlighting broader international apprehensions about the platform's activities. Dive into the global perspective on Worldcoin's regulatory challenges and the potential consequences for the cryptocurrency ecosystem.

In Summary

The Worldcoin controversy in Kenya serves as a critical reminder of the importance of prioritizing data security and user privacy in the digital landscape. As governments worldwide grapple with regulating cryptocurrencies, the outcome of this case could have far-reaching implications for the industry and set a precedent for data protection within the ecosystem. Stay tuned as the investigations unfold and the cryptocurrency landscape continues to evolve.

#Worldcoin #Kenya #BiometricData #WLD $WLD